[¶12,064] In the Matter of Citic Ka Wah Bank Limited, New York City, New York,
Docket No. 03-121q (6-27-03).
Status of bank as an insured state licensed branch of a foreign bank
In the Matter of
CITIC KA WAH BANK LIMITED NEW YORK CITY, NEW YORK (U.S. Branch of a Foreign Bank)
ORDER OF APPROVAL OF TERMINATION OF INSURANCE
Pursuant to section 8(q) of the Federal Deposit Insurance Act (the
"Act"), 12 U.S.C. §1818(q), and section 18(i)(3) of the Act, 12
U.S.C. §1828(i)(3), the Federal Deposit Insurance Corporation
("FDIC"), having found that Cathay Bank, Los Angeles, California
("Cathay") has provided to the FDIC on June 4, 2003, satisfactory
evidence that it has assumed the liabilities for deposits of Citic Ka
Wah Bank, Limited, New York, New York ("CKWB"), as of May 27,
2003, as required by section 307.1 of the FDIC's Rules and
Regulations, 12 C.F.R. §307.1, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of CKWB as an insured U.S.
branch of a foreign bank hereby is terminated as of June 4, 2003.
IT IS FURTHER ORDERED, that the separate insurance of all deposits
assumed by Cathay from CKWB shall terminate at the expiration of
November 27, 2003, or in the case of any time deposit, the earliest
maturity date after November 27, 2003, as provided in section 8(q) of
the Act, 12 U.S.C. §1818(q).
IT IS FURTHER ORDERED, that Cathay shall give notice of such assumption
to each of the depositors of CKWB within thirty days after such
assumption has taken effect, if it has not already done so, in a manner
acceptable to the Regional Director of the FDIC's New York Regional
Pursuant to delegated authority.
Dated at Washington, D.C., this 27th day of June, 2003.